Germany-based steelmaker ThyssenKrupp has announced its financial results for the first quarter ended December 31 of the financial year 2018-19. For the first quarter, ThyssenKrupp registered a net profit of €145 million, compared to a net profit of €93 million in the first quarter of the previous financial year. Meanwhile, ThyssenKrupp's adjusted EBIT from continuing operations increased by 26 percent year on year to €333 million.
During the given period, ThyssenKrupp's order intake amounted to €10.1 billion, rising eight percent, while the company's sales revenue increased by two percent to €9.74 billion, both year on year.
The historically low water levels on the Rhine and temporarily lower demand from the auto industry following the introduction of new emissions standards severely impacted the earnings of the company’s Steel Europe division in the first quarter. Adjusted EBIT totaled €38 million compared with €163 million in the same period of the previous financial year.
For the current fiscal year 2018-19, ThyssenKrupp expects its adjusted EBIT to increase to a level of more than €1 billion.